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New Member
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Dec 5, 2008, 06:57 AM
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Principle of Accounting
The following data were taken from BKG Inc.
Cost of Goods Sold $432,000
Inventory, end of the year 67,000
Inventory, beginning of the year 82,000
Required:
a. Calculate the inventory turnover ratio.
b. Calculate the number of days' sales in inventory.
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New Member
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Dec 5, 2008, 06:59 AM
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Principle of Accounting
The following inventory information is available for Miami Lakes Company:
Units Unit Cost Total Cost
Beginning inventory 20 $ 16 $ 320
June 9 purchase 100 20 2,000
June 16 sale 115
June 20 purchase 100 24 2,400
June 25 sale 90
Required:
Assuming the company uses the periodic inventory method; calculate cost of goods sold and ending inventory under (a) LIFO and, (b) FIFO, (c) Average Cost.
Cost of Goods Sold Ending Inventory
LIFO $_______________ $______________
FIFO $_______________ $_______________
Average Cost $_______________ $_______________
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New Member
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Dec 5, 2008, 07:01 AM
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Principle of Accounting
The following inventory information is available for Miami Lakes Company:
Units Unit Cost Total Cost
Beginning inventory 20 $ 16 $ 320
June 9 purchase 100 20 2,000
June 16 sale 115
June 20 purchase 100 24 2,400
June 25 sale 90
Required:
Assuming the company uses the perpetual inventory method; calculate cost of goods sold and ending inventory under (a) LIFO and, (b) FIFO, (c) Average Cost.
Cost of Goods Sold Ending Inventory
LIFO $_______________ $______________
FIFO $_______________ $_______________
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New Member
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Dec 5, 2008, 07:02 AM
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Principle of Accounting (ARC#1)
On December 31, 2007, Highlife Company's total accounts receivable was $ 57,800. A summary of the December 31, 2007, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:
Age Group Amount % Uncollectible
0- 60 days $ 40,000 1%
61- 90 days 15,000 2%
91- 120 days 2,000 15%
Over 120 days 800 80%
The allowance for uncollectible account had a balance of $ 1,100 at January 1, 2007. During the year, $ 1,050 of accounts were written off.
Required:
a. What was Highlife Company's bad debt expense for 2007?
b. What was the net realizable value of Highlife Company's Accounts Receivable on its December 31, 2007 Balance Sheet?
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New Member
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Dec 5, 2008, 07:04 AM
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Principle of Accounting (ARC#1)
The cash account for JKL Co. on March 31, 2008 indicated a balance of $ 16,450.00. The March bank statement indicated an ending balance of $ 18,345.00. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records revealed the following reconciling items:
Checks outstanding totaled $ 3,620.00
A deposit of & 4,496.00 had been made too late to appear on the bank statement.
A check for $ 1,233.00 returned with the statement had been incorrectly recorded as $ 233.00. The check was originally credited to accounts payable.
The bank collected $ 4,541.00 on a note left for collection.
Bank service charges for March amounted to $ 25.00.
A check for $ 745.00 was returned by the bank because of insufficient funds.
Required:
a. Prepare a bank reconciliation as of March 31, 2008.
b. Prepare the necessary journal entries based upon your reconciliation.
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Uber Member
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Dec 5, 2008, 07:05 AM
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So you copy/paste your homework and expect people to do it for you?
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New Member
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Dec 5, 2008, 07:07 AM
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Principle of Accounting (ARC#1)
Which inventory cost method is appropriate for a business who has a small quantity of uniquely different items in inventory with a relatively high cost per items?
a. LIFO
B. FIFO
c. Average cost
d. specific identification
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New Member
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Dec 5, 2008, 07:10 AM
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Principle of Accounting (ARC#1)
During aperiod of consistently rising prices, the method of inventory that will result in reporting the greastest cost of merchandise sold is:
a. FIFO
b. LIFO
c. Average cost
d. Weighted average
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New Member
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Dec 5, 2008, 07:12 AM
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Principle of Accounting (ARC#1)
Journal entries based on the bank reconciliation are required in the depositor's accounts for:
a. outstanding checks
b. deposits in transit
c. bank errors
d. book errors
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New Member
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Dec 5, 2008, 07:15 AM
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Principle of Accounting (ARC#1)
Which of the following items that appeared on the bank reconciliation did not require an adjusting entry?
a. bank service charges
b. deposits in transit
c. NSF checks
d. a check for $520, recorded in the check register for $250
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New Member
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Dec 5, 2008, 07:18 AM
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Principle of Accounting (ARC#1)
On November 1, Blazer Co. receives a 6% interest bearing note from Ram Company to settle a $20,000 account receivable. The note is due in 6 months. At Dec. 31, Blazer should record interest revenue of:
a. $ 0
b. $ 100
c. $ 200
d. $ 600
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New Member
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Dec 5, 2008, 07:25 AM
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Principle of Accounting (ARC#1)
One of the weaknesses of the dirrect write-off method is that it:
a. understates accounts receivable on the balance sheet
b. violates the matching principle
c. is too difficult to use for many companies
d, is based on estimates
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New Member
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Dec 5, 2008, 07:27 AM
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Principle of Accounting (ARC#1)
The receivable that is usually evidenced by a formal instrument of credit and calls for the payment of interest is a(n):
a. employee receivable
b. note receivable
c. accounts receivable
d. income tax receivable
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Uber Member
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Dec 5, 2008, 07:29 AM
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